Finance: Yale professor promotes unorthodox investments

Indira Das-Gupta

Charities will be urged to invest in "off-the-beaten-track" stocks in a lecture to be delivered by an American professor, David Swenson, today (21 June).

Swenson, chief investment officer at Yale University, will deliver his lecture, called 'managing the financial assets of not-for-profit organisations' at the Institute for Philanthropy in London.

The institute's chief executive, Dr Salvatore LaSpada, said: "We would be remiss if we did not consider how to grow those assets that are already held by churches, charities, universities and other institutions. David Swenson is a visionary in this area."

Time magazine has described Swenson as "the best money manager in higher education. He may be the best - period."

In 20 years he has overseen the growth in value of Yale's endowment fund from $1bn (£670m at the time) to $15bn (£8.1bn), equivalent to 16 per cent a year. He puts his success down to "going against the grain".

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